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Updated almost 6 years ago,
First time investor and tax questions
Hello,
Back in Aug 2018 I purchased my first home (I currently live in a home that I don't own). This first home is my first dabble into real estate investing (and home ownership). It's located out of state and I have a property manager and it's currently rented.
I am trying to get an understanding of what I can write off, since this is considered a first home on the books for me, and first rental property.
I want to preface that I will be chatting with my accountant but wanted to get an idea beforehand.
I know I can write off mortgage interest. But here is a list of other items I came up with in my head that may or may not be possible to write off:
- Lawn care and similar (such as power-washing services)
- Home owners insurance
- Property management fees (tenant placement and monthly)
- PMI (don't have it but curious)
- Home warranty (and claim fees)
- Electric and water (while it was vacant)
Are there any other possibilities?
Thanks for helping out this greenhorn.